| Ocean
Bill of Lading (Ocean B/L) |
A contract
for transportation between a shipper and a carrier. It also evidences receipt of the cargo
by the carrier. A bill of lading shows ownership of the cargo and, if made negotiable, can
be bought, sold or traded while the goods are in-transit. |
| OCP |
See
"Overland Common Points." |
| ODS |
Abbreviation
for "Operating Differential Subsidy." An amount of money the U.S. government
paid U.S. shipping companies that qualify for this subsidy. The intent was to help offset
the higher subsidy. The intent was to help ofset the higher cost of operating a U.S.-flag
vessel. The ODS program is administered by the U.S. Maritime Administration and is being
phased out. |
| O.E.C.D. |
Organization
of Economic Cooperation and Development, headquartered in Paris with membership consisting
of the world's developed nations. |
| On
Board |
A notation
on a bill of lading that cargo has been loaded on board a vessel. Used to satisfy the
requirements of a letter of credit, in the absence of an express requirement to the
contrary. |
| On
Deck |
A notation
on a bill of lading that the cargo has been stowed on the open deck of the ship. |
| Open
Account |
A trade
arrangement in which goods are shipped to a foreign buyer without guarantee of payment. |
| Open
Insurance Policy |
A marine
insurance policy that applies to all shipments made by an exporter over a period of time
rather than to one shipment only. |
| Open
Top Container |
A container
fitted with a solid removable roof, or with a tarpaulin roof so the container can be
loaded or unloaded from the top. |
| Operating
Ratio |
A
comparison of a carrier's operating expense with its net sales. The most general measure
of operating efficiency. |
| O.P.I.C. |
Overseas
Private Investment Corporation. |
| Optimum
Cube |
The highest
level of cube utilization that can be achieved when loading cargo into a container. |
| Order-Notify
(O/N) |
A bill of
lading term to provide surrender of the original bill of lading before freight is
released; usually associated with a shipment covered under a letter of credit. |
| ORFS |
Abbreviation
for "Origin Rail Freight Station." Same as CFS at origin except an ORFS is
operated by the rail carrier participating in the shipment. |
| Origin |
Location
where shipment begins its movement. |
| Original
Bill of Lading (OBL) |
A document
which requires proper signatures for consummating carriage of contract. Must be marked as
"original" by the issuing carrier. |
| OS&D
|
Abbreviation
for "Over, Short or Damaged" Usually discovered at cargo unloading. |
| Out
Gate |
Transaction
or interchange that occurs at the time a container leaves a rail or water terminal. |
| Overcharge |
To charge
more than the proper amount according to the published rates. |
| Overheight
Cargo |
Cargo more
than eight feet high which thus cannot fit into a standard container. |
| Overland
Common Point (OCP) |
A term
stated on the bills of lading offering lower shipping rates to importers east of the
Rockies, provided merchandise from the Far East comes in through the West Coast ports. OCP
rates were established by U.S. West Coast steamship companies in conjunction with western
railroads so that cargo originating or destined for the American Midwest and East would be
competitive with all-water rates via the U.S. Atlantic and Gulf ports. Applies to eastern
Canada. |
| Owner
Code (SCAC) |
Standard
Carrier Abbreviation Code identifying an individual common carrier. A three letter carrier
code followed by a suffix identifies the carrier's equipment. A suffix of "U" is
a container and "C" is a chassis. |
